Quarter of Norway's firms face shutdown

Almost a quarter of Norway's companies have failed to comply with a controversial law requiring them to increase the proportion of women on their boards to 40%, according to government figures. If they do not promote more women, they could be shut down.

Norway's 487 public limited companies, including 175 firms listed on the Oslo stock exchange, have until the end of the year on Monday to implement a 2003 act that requires firms to boost the number of female directors.



The law, which introduced quotas, has been effective in raising the number of women board members at listed companies from 6% in 2001 to 37%.

Norway now boasts the highest proportion of women on boards in the world. Sweden comes second with 19%; the US has around 15%. In the UK, only 11% of directors were female in 2007.

When asked whether the government would really shut down companies that do not comply, gender equality minister, Manuela Ramin-Osmundsen, said: "The law is clear - we will enforce the procedures. These have existed for 30 years. They have not come out of nowhere."